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Kameti

The Kameti is a totally Indian concept which helps people in both savings and lending money as per their needs. In simple words a group of people get together and each one of them put in a fixed amount and total amount is given to the person based on bidding process. Each member get his turn to pick up the total amount.

Kameti is also popular as Chit Funds, MoneyPool, Committee Systems, BitCoin in different parts of the world. In all these systems there might be small variations in the rules but they are based on the same Principles.

* Why to use Kameti ?

There are multiple Benefits of Kameti :

1. Tax Free Dividend

2. Easy Accessibility

3. User-friendly service

4. Absence of latent cost

5. No Periodic interest hikes

* How Kameti Works ?

The Kameti System involves a group of people (can range from 10-20) coming together to form a "Kameti" where each person contributes certain amount of money towards a corpus of funds. Typically the person initiating the Kameti is the administrator/cashier of the Kameti and is responsible for each transaction and servicing of everything that goes for that particular kameti.

All kameti member mutually decide the kameti rule. Like kameti start date , auction time, interest rate, plenty amount, lucky draw amount, minimum bid amount, runner up percentage etc.

* Let us try to understand Kameti Functioning using an example:

Lets assume that Mr. X is the administrator/cashier of a kameti floated by him having 10 members and each member contributes Rs. 5,000 towards the corpus which amounts to Rs. 50,000 (Total Kameti Amount).

Now the kameti holds an auction on a given date and time (10th of every month at 6:30PM) among the 10 members for granting this corpus as a debt. The auction amount is basically the interest (say 1%) portion on the corpus. So in this kameti of Mr. X with a corpus of Rs. 50,000 the first auction starts at lets say Rs. 4500 which is equal to 1% for 9 months. What is means is that the person will start bidding (Boli start) Rs. 4500 for first kameti, if another member want to bid he/she need to add Rs 100 (minimum incremental bid amount) on Rs 4500. So now kameti bid amount is Rs 4600. If he/she wins the auction at that bid, will take the Rs. 50,000 corpus for a cost of Rs. 4600 so effectively he will get Rs. 44,000.

So now there is benefit of Rs 5200 is this amount which will be divided in between all the 10 members. In this way every member got the benefit of Rs 520/- for that month of the kameti.

Each member is given a chance to bid. Let say bid is started like given below

* Member Bid Amount

Mr. A Rs 4500

Mr. B Rs 4600

Mr. A Rs 4700

Mr. C Rs 4800

Mr. D Rs 4900

Mr. B Rs 5000

Mr. D Rs 5100

Mrs. E Rs 5200

Now Mrs. E is the winner of the auction at Rs. 5,200. So Mrs. E will get (Kameti Amount - Bid Amount) i.e Rs. 50,000 - Rs 5200 = Rs 44800 (Corpus of Rs. 50,000 at a loss of Rs. 5,200).

The Rs. 5,200 bid amount is divided among the 10 people forming the kameti. So at a investment of Rs. 5,000 each member get profit of Rs. 520 upfront. The principal amount has to be paid by Mrs. E in a time-frame 10 months (Number of member is equal to number of kameti members) on 10th of each month.

In addition to this every member have to pay Rs 50 for lucky draw. Total lucky draw amount is Rs 500 and out of 10 member one member will be selected as lucky member who get 50% of the total lucky draw amount i.e Rs 2500 and rest of the 50% amount will be given to runner up. In our case Mr. D is the runner up of the kamti auction.

Benefits of using Kameti Application on Android

* Creating and Maintaining a Kameti is very easy.

* All the tedious calculation around kameti are done automatically.

* You can access data for your kameties almost from anywhere just by opening the app.

* You need not to be present for bidding which can be done using your phone.